Where the friction appears Shipments have run behind earlier hopes. Export data and analyst work (including Bernstein) suggest Samsung may have edged ahead on HBM revenue this quarter for the first time in recent periods. Back-end capacity and equipment timing also remain open questions, with some tool deliveries reportedly slipping into 2027. Peak margins are not automatic once ramp costs and yield realities hit. #SKhynixQ3HBM4Earnings
